What is a Foreclosure?A foreclosure is the legal process that allows the lender to recover and sell a property after the owner has defaulted on the loan.

REO
An REO is a term used to describe a bank-owned property. It stands
for, Real Estate Owned. A property becomes an REO when the lender
has foreclosed on the previous owner and has taken ownership of the
property.

However, the public has adopted the term foreclosure, to
refer to bank-owned homes.

Pre-foreclosures
A pre-foreclosure is just as it sounds. It's a property that
hasn't yet been foreclosed on. The owner is behind on payments,
but can still sell the property before the bank intervenes. The
sale often occurs as a short
sale.

Government
Foreclosures
A government foreclosure is a property that had an FHA insured loan that
was defaulted on.

Now, rather than the bank taking
back the property,
the government takes ownership, where it then becomes a HUD
Home.

VA Homes
The Department of Veteran Affairs, similar to HUD, foreclosed on the property that was purchased with a VA secured
loan.

Since the loans are guaranteed by the federal government,
the lender receives a full refund of the lost money. The property
is then sold by the Department of Veteran Affairs.

Interested
In Finding These Type of Properties?
Syan Real Estate specializes in Foreclosures, REOs, Pre-foreclosures,
Government Foreclosures (HUD Homes) and VA Homes. We have the resources to assist you in finding your next
home or investment property.

You can perform a property search
directly from the MLS, or allow an experienced local real
estate agent to locate listings for you based on your specific
criteria. We can also set you up with free
listing alerts so you know the second a new property hits the
market, before most agents do.